Morning Commentary: Brandywine offers taps of two existing tranches; BNG eyes bonds

By Cristal Cody

Tupelo, Miss., Oct. 3 – The investment-grade bond market got off to a sleepy start on Thursday with just one corporate deal announced.

Brandywine Operating Partnership, LP plans to tap two tranches of guaranteed notes that were first priced in 2014. The company is marketing reopenings of its 4.1% notes due Oct. 1, 2024 and 4.55% notes due Oct. 1, 2029.

In the sovereign, supranational and agency market, BNG Bank NV plans to hold fixed income investor calls on Thursday for a dollar-denominated offering of five-year sustainability bonds via Citigroup Global Markets Inc., HSBC Securities (USA) Inc. and TD Securities (USA) LLC.

High-grade corporate and SSA volume totals about $11 billion so far this week.

Investment-grade credit spreads widened as stocks slipped on Wednesday following weaker manufacturing and employment data.

Market sources said they are looking toward Friday’s release of the Labor Department’s September U.S. jobs report data for clarity.

The Labor Department reported Thursday that seasonally adjusted initial jobless claims for the week ended Sept. 28 came in at 219,000, above market analysts’ forecasts of 215,000 and an increase of 4,000 from the previous week’s revised level.

Elsewhere in the bond market, overall high-grade corporate secondary market volume totaled $21.05 billion on Wednesday, compared to $20.98 billion on Tuesday and more than $22.4 billion on Monday, according to Trace data.

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